Former President Donald Trump dismissed widespread concerns about the economy during a recent Fox News interview, asserting that reports of financial strain are politically motivated and inaccurate. He labeled such narratives as ‘fake’ and accused Democratic leaders of influencing media outlets to spread misleading messages about economic conditions.
Trump argued that negative coverage is part of a coordinated effort, referencing the term ‘manufactured’ as an example of scripted language used by news anchors. He claimed this reflects a biased and manipulated information system designed to undermine confidence in his economic policies.
Despite these claims, official figures show mixed signals. The U.S. economy expanded at an annualized rate of 3.8% in the second quarter, surpassing earlier estimates of 3.3% and far above the initial 3% projection. However, consumer prices rose by 3% year-over-year in September, marking the highest inflation level since January, although still below what many economists had forecasted.
Trump maintained that living expenses have significantly decreased, particularly in energy. He predicted gasoline prices would soon approach $2 per gallon, noting current averages at $2.70—down from $4.50 during President Biden’s administration. Yet data from AAA indicates the national average stood at $3.072 on Tuesday, slightly lower than the $3.083 recorded a year prior.
The discussion also touched on a proposed 50-year mortgage option introduced under his administration, which drew skepticism online due to higher cumulative interest costs over time. When questioned by host Laura Ingraham about whether the plan primarily benefits financial institutions or delays homeownership, Trump emphasized reduced monthly payments as the key advantage.
“It simply means you pay less each month,” he said, downplaying long-term financial implications. He reiterated that despite elevated interest rates, the overall economy remains the strongest in history, citing declines in both energy and borrowing costs.
Additionally, Trump addressed criticism over the demolition of the White House East Wing for a new ballroom. He described the original structure as outdated and aesthetically unpleasing, having undergone numerous renovations that compromised its integrity. According to him, preserving it would have limited the design and grandeur of the new space.
“It looked like hell,” Trump said, explaining that the building bore little resemblance to its original form and that removing it allowed for the creation of what he called one of the world’s finest ballrooms.
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Trump downplays economic woes as partisan spin, saying, ‘Costs are way down’
President Donald Trump said the U.S. economy is strong and insisted polls showing Americans are feeling economic pain are “fake” during an interview on Fox News that aired on Monday night. n nTrump said bad news about the economy amounted to a “con job by the Democrats,” adding Democrats “feed” major news network anchors with the message the economy is bad and then “every anchor” does “exactly what they say.” n n”I ‘ll never forget, they used a word like ‘manufactured, ‘” Trump said in the interview. “You remember the word ‘manufacture ‘? It ‘s a ‘manufactured ‘ economy. Nobody uses that word. Every anchor broke in ‘manufactured. ‘ They do exactly what they say. It ‘s such a rigged system.” n nThe U.S. economy grew at an annualized rate of 3.8% in the second quarter in the government ‘s final estimate, besting a 3.3% rate issued in its second estimate and far exceeding a 3% initial estimate. But consumer prices rose 3% in September compared to a year ago, with inflation at its highest level since January, the most-recent government data showed. The inflation reading came in lower than economists ‘ expectations. n nTrump defended his handling of the economy, saying that costs are “way down” across the board. n n”So are you ready? Costs are way down,” Trump said. “Gasoline is going to be hitting $2 pretty soon, or around $2. Gasoline is at $2.70 now and it was at $4.50 under Biden, under sleepy Joe. When gasoline comes down, when energy comes down — and everybody agrees energy is down — we drill, you know, drill, baby drill. We ‘re going like wild.” n nThe average consumer price for a gallon of gas in the U.S. was $3.072 on Tuesday, according to AAA, which said the average price was $3.083 a gallon a year ago. n nTrump was also pressed about a rollout by his administration for a 50-year mortgage option, something that faced criticism on social media as critics pointed out that the extended payoff timeline would mean Americans would pay more in interest than they would through the life of a shorter loan. n nLaura Ingraham, the Fox News host, suggested to Trump that longer loans could be construed as a “giveaway to the banks” and would simply be “prolonging the time it would take for Americans to own a home outright.” n nTrump pushed back on Ingraham, saying that “all it means is you pay less per month.” n n”You pay it over a longer period of time. It ‘s not like a big factor. It might help a little bit,” Trump said. “But even with interest rates up, the economy is the strongest it ‘s ever been. You know, you asked me, just to go back to the beginning of your question, you talked about prices. We ‘re down on energy. We ‘re down on interest rates.” n nTrump was also pressed about the controversial demolition of the East Wing to make way for the large ballroom that ‘s being constructed now. n n”Well, first of all, the East Wing was a beautiful, little, tiny structure that was built many years ago, that was renovated and expanded and disbanded and columns ripped out, and it had nothing to do with the original building,” he said. “It was a poor, sad sight, and I could have built the ballroom around it, but it would not have been — we ‘re building one of the greatest ballrooms in the world, by the way.” n n”But the East Wing, that building was renovated 20 times, including adding a floor to the top, which was terrible, Trump continued. “It was at a common brick little, tiny windows. It looked like hell. It had nothing to do with the original building, and I didn ‘t want to sacrifice a great ballroom for an okay ballroom by leaving it right smack in the middle.”